Hygon Information Technology (SH:688041) Southwest Securities·2024-08-20 05:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.76 billion yuan for the first half of 2024, representing a year-on-year growth of 44.1% - The net profit attributable to shareholders reached 850 million yuan, up 26.0% year-on-year, while the net profit excluding non-recurring items was 820 million yuan, reflecting a growth of 32.1% [2] - In Q2 2024, the company achieved a revenue of 2.17 billion yuan, a year-on-year increase of 49.7%, and a net profit of 560 million yuan, up 28.9% year-on-year [2] - The gross margin for H1 2024 was 63.4%, an increase of 0.56 percentage points compared to the previous year, indicating steady growth in profitability [2] - The company has seen strong demand for its products due to increased bidding activities in downstream sectors such as telecommunications and finance, with inventory levels rising to 2.46 billion yuan [2] Financial Projections - The company is projected to have earnings per share (EPS) of 0.75 yuan, 1.00 yuan, and 1.37 yuan for the years 2024, 2025, and 2026 respectively [3] - Revenue is expected to grow from 6.01 billion yuan in 2023 to 8.32 billion yuan in 2024, with a growth rate of 38.34% [4] - The net profit attributable to shareholders is forecasted to increase from 1.26 billion yuan in 2023 to 1.73 billion yuan in 2024, representing a growth rate of 37.29% [4] - The company is positioned as a rare domestic CPU+DCU design manufacturer, with solid competitive advantages in "performance + ecosystem + security" [3]